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Prepare the journal entries for each of the transactions

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Question - The Rahel S. Abate Corporation was authorized to issue 500,000 no-par value common shares. There were 200,000 shares outstanding for a total value of $2,000,000 as at December 31, 20X6 there were retained earnings of $500,000. During 20X7, The Rahel S. Abate Corporation carried out the following transactions:

1. Reacquired and canceled 25,000 common shares at $7.00.

2. Declared a cash dividend of $2.50.

3. Paid the dividend in ii) above.

4. Sold 5,000 common shares at $12.00 per share.

5. Reacquired and canceled 13,500 common shares at $11.00.

Required - Prepare the journal entries for each of the above transactions.

Reference no: EM132747444

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